KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 01, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.21 | 7.71 |
| 2 – Week | 7.25 | 7.75 |
| 1 – Month | 7.30 | 7.80 |
| 3 – Month | 7.53 | 7.78 |
| 6 – Month | 7.90 | 8.15 |
| 9 – Month | 8.22 | 8.72 |
| 1 – Year | 8.44 | 8.94 |
Karachi, October 01, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Friday, October 01, 2021.
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KARACHI: The stock market gained 533 points on Thursday and made a closing hour recovery due to buying after a bearish movement earlier in the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 533 points to close at 44,900 points from the previous day’s closing of 44,367 points.
Analysts at Topline Securities said that the market opened on a negative note to continue its bearish movement, as KSE 100 index declined to make an intraday low of 395 points.
However stark recovery was observed in the closing hours of the trade, as the index gained to close at 44,900 level (up by 1.2 per cent).
Major contributions to the index came from MEBL, KEL, PPL, OGDC and LUCK, as they cumulatively contributed 348 points to the index.
Traded volume and value for the day stood at 372 million shares and Rs.13.76 billion respectively.
KEL was today`s volume leader with 32.5 million shares.
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday admitted serious technical problems in IRIS – the return filing portal – and extended the date by 15 days.
In a circular issued by the FBR stated that the revenue body had extended the date of filing of the income tax return for tax year 2021 by 15 days i.e. up to October 15, 2021 due to “serious technical problems” in online return filing system (IRIS).
Only a day earlier, the FBR claimed that the IRIS portal was working normally and it had received 150,000 returns on September 28, 2021.
On the basis of the claim, the revenue body categorically refused to extend the date i.e. September 30, 2021 for return filing for tax year 2021.
It is surprising that in the latest circular the FBR admitted the flaws in the online system because it had claimed a day earlier that the system is working seamlessly and around 150,000 returns were filed on September 28, 2021, which was the highest ever number filed in a single day.
It was further claimed by the FBR that it had enhanced its system capacity to provide seamless services to taxpayers.
The FBR made these claims despite serious issues highlighted by Karachi Tax Bar Association (KTBA) in its letter to the FBR chairman on September 21, 2021. After the disappointing response from the FBR, the tax bar also requested the prime minister and the finance minister to intervene in the matter as a large number of taxpayers were facing serious issues in filing their tax returns.
Muhammad Zeeshan Merchange, KTBA, President, said that despite FBR’s denial of system glitches finally the date has been extended. He said that it was not expected from the FBR to admit the return filing system failure, he said in a tweet message.
It is pertinent to mention that Finance Minister Shaukat Tarin in a meeting with office bearers of Karachi Chamber of Commerce and Industry (KCCI) on Thursday already announced to extend the return filing date for 15 days.
KARACHI: The last date for filing income tax returns has been extended for 15 days till October 15, 2021 from September 30, 2021.
Finance Minister Shaukat Tarin on Thursday announced to extend the date after listening to the problems being faced by taxpayers in filing income tax returns, which were highlighted by a delegation of Karachi Chamber of Commerce & Industry (KCCI) at a meeting held in Islamabad on Thursday.
KCCI delegation, which was led by Chairman Businessmen Group & Former President KCCI Zubair Motiwala, comprised of Vice Chairman BMG Haroon Farooki & Jawed Bilwani, General Secretary BMG AQ Khalil and President KCCI Muhammad Idrees who appreciated the finance minister for understanding the hardships being faced by taxpayers in filing income tax return and accordingly announcing relief.
The delegation members, while underscoring the need to modify the ineffective taxation policies, expressed deep concerns over the implementation of Tax Laws (Third Amendment) Ordinance 2021 which, they feared, would start from Karachi as it has been observed from time to time that all such laws carrying penalties always start from Karachi and stay confined mostly to this city only.
If Karachi has to pay all the taxes and suffer penalties as well then why Karachi was not receiving development funds in proportion to its contribution, they asked and reiterated KCCI’s demand to replace term ‘under-filers’ in the controversial ordinance with ‘non-filers’.
KARACHI: The Pak Rupee (PKR) witnessed a new historic low at Rs170.66 against the dollar on Thursday owing to demand for import and corporate payments.
The rupee fell by 18 paisas to Rs170.66 against the dollar from the previous day’s closing of Rs170.48 in the interbank foreign exchange market.
Currency experts said that persistent demand for the dollar had further deteriorated the rupee value.
The rupee recorded a decline of Rs13.12 against the dollar since the closing of Rs157.54 on June 30, 2021.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on September 30, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.19 | 7.69 |
| 2 – Week | 7.25 | 7.75 |
| 1 – Month | 7.31 | 7.81 |
| 3 – Month | 7.53 | 7.78 |
| 6 – Month | 7.90 | 8.15 |
| 9 – Month | 8.21 | 8.71 |
| 1 – Year | 8.43 | 8.93 |
KARACHI: The State Bank of Pakistan (SBP) on Thursday imposed 100 per cent cash margin restriction on import of additional 114 items.
The SBP in a notification referred to BPRD Circular No. 02 of 2017 and BPRD Circular No. 5 of 2018 on the captioned subject, as amended from time to time.
In that regard, it has been decided that banks, with immediate effect, shall obtain 100 percent cash margin on the import of items listed below.
Furthermore, it has been decided to waive the condition of 100 percent cash margin requirement on imports made against HS Code 8414.8090-Air Pumps and Gas Compressors (S. No. 17 of Annexure-A of BPRD Circular No. 05 of 2018).
All other instructions contained in the aforementioned Circulars shall, however, remain unchanged.
List of Items to be subjected to 100% Cash Margin Requirements
| S. No | HS Code | Description |
| 1 | 9041110 | PEPPER,BLACK,CRUSH NOT GROUND |
| 2 | 9083120 | SMALL CARDAMONS NITHER-CRU/GRO |
| 3 | 12024200 | GROUND-NUTS SHELLED BROKEN/N-B |
| 4 | 12030000 | COPRA |
| 5 | 14049020 | BETAL LEAVES |
| 6 | 15132900 | OTH PALM KERNEL/BABASSU OIL |
| 7 | 15162010 | VEGETABLE FAT & ITS FRACTIONS |
| 8 | 15179000 | OTH MARGARIN,EDIB MIX/PREP ETC |
| 9 | 23040000 | OIL-CAKE/OTH S/RESID SOYABEAN |
| 10 | 23066000 | OIL CAKE/OTH RESIDUE,PALM NUTS |
| 11 | 23099000 | OTH PREPARATION FOR ANIMAL FEE |
| 12 | 24012000 | TOBACO-WHOLY/PARTLY STE/STRIP |
| 13 | 63014000 | BLANKET/TRAVEL RUGS OF SYN FIB |
| 14 | 69072119 | OTH FLAGS,PAVING WAT AB 0.5% |
| 15 | 69072219 | OTH FLAGS,PAV WAT AB >0.5%<10% |
| 16 | 69072390 | OTH,CERAMICS WAT AB >10% |
| 17 | 70109000 | OTH CARBOYS BOTT,FLASK,JAR,POT |
| 18 | 70134900 | O-GL-WARE L-C-EX=5×10 T,0-300C |
| 19 | 85444990 | OTH MULTI CORE CABLE |
| 20 | 87059000 | OTH SPECIAL PURPOSE MOTOR VEHL |
| 21 | 87082939 | BODY PARTS OF OTHER VEHICLES |
| 22 | 87084090 | OTH GEAR BOXES/PART OTH VEHICL |
| 23 | 87141020 | COMPPONNENT FOR VEHICLE-H-8711 |
| 24 | 1019000 | OTHER LIVE ANIMALS |
| 25 | 0805 | OTHER SIMILAR CITRUS HYDRIDS (0805.2100,0805.2200,0805.2910,0805.2990) |
| 26 | 0808 | PEARS AND QUINCES, FRESH (0808.3000,0808.4000) |
| 27 | 9081100 | NUTMEG NEITHER CRUSHED/GRO |
| 28 | 9083110 | LARGE CARDAMOMS NITHER-CRU |
| 29 | 10049000 | OTHER OATS |
| 30 | 10061090 | OTH RICE IN HUSK (PADDY/RO |
| 31 | 10079000 | OTHER GRAIN SORGHUM(JAWAR) |
| 32 | 12024100 | OTH GROUND NUTS IN SHELL |
| 33 | 22029100 | NON-ALCOHOLIC BEER |
| 34 | 22029900 | OTH WATER |
| 35 | 34011910 | OTHER BABY WIPES |
| 36 | 34011990 | OTH,SOAP ORG-SURFAC-ACT PR |
| 37 | 40112011 | RADIAL RUBB TYRE FOR LIGHT |
| 38 | 40112019 | OTH RUBB TYRE FOR LIGHT TR |
| 39 | 40112091 | RADIAL TYRE RUBBER FOR BUS |
| 40 | 40112099 | OTH PNEUM TYRE RUBBER FOR |
| 41 | 40114000 | NEW PNEUM TYRE RUBB MOTORC |
| 42 | 69072111 | TILES POLISHED WAT AB 0.5% |
| 43 | 69072190 | OTH,CERAMICS WAT AB 0.5% |
| 44 | 69072211 | TILE POLISHED WAT AB >0.5% |
| 45 | 69072290 | OTH,CERAMICS WAT AB >0.5%< |
| 46 | 69072319 | OTH FLAGS,PAVINGS WAT AB > |
| 47 | 69073000 | MOSAIC CUBES AND SIMLAR AR |
| 48 | 69074000 | FINSHING CEREMICS |
| 49 | 73211119 | OTHER COOKING RANGES |
| 50 | 84151019 | OTH WINDOW/WALL TYPE AC/SP |
| 51 | 84151029 | S-CON AC/SPLIT INER-OUTER |
| 52 | 84151039 | TROPICAL MPS MUL-SYS UNIT> |
| 53 | 84151099 | OTH AC MACH MOTOR DRIVEN F |
| 54 | 84158190 | O-AC INCOR REFRI UNIT VALV |
| 55 | 84158290 | O- AC INCOR REFRIGIRATING |
| 56 | 84158390 | O-AC NOT INCROPO REFRIG UN |
| 57 | 84181090 | OTH COMB REFRIG-FREEZ W-DO |
| 58 | 84182190 | OTH REFRIG H-HOLD COMPRES |
| 59 | 84182990 | OTH REFRIGERATOR HOUSHOLD |
| 60 | 84183090 | OTH FREEZER CHEST TYPE-800 |
| 61 | 84184090 | OTH FREZER UPRIGHT TYP-900 |
| 62 | 84191190 | OTH INST GAS WATER HEATER |
| 63 | 84501190 | OTH WASHIN MACH FUL-AUT NO |
| 64 | 84501290 | O-MACH BUILT-CENTRIFUGAL D |
| 65 | 84501919 | OTH WASH MACH SEMI AUTO<10 |
| 66 | 84501999 | O-MACH DRY LINE CAPA -NOT> |
| 67 | 84502090 | MACHINE DRY LINE CAP EXCE1 |
| 68 | 85165090 | MICROWAVE OVENS |
| 69 | 85287211 | LIQUID CRYSTAL DISPLAY(LCD |
| 70 | 85287219 | OTH COLOR TV SETS |
| 71 | 85287290 | OTH RECEPTION APPARAT COLO |
| 72 | 85393110 | ENERGY SAVING LAMPS |
| 73 | 87081010 | BUMPERS (SHET METAL)VEH H- |
| 74 | 87141010 | SADDLES OF MOTORCYCLES,MOP |
| 75 | 15091000 | OLIVE OIL & ITS FRACT (VIR |
| 76 | 15099000 | OTH OLIVE OIL & ITS FRACTI |
| 77 | 15131100 | COCONUT OIL,ITS FRACTION C |
| 78 | 15131900 | OTH COCONUT OIL,ITS FRACTI |
| 79 | 15171000 | MARGARINE,EXCL LIQUID MARG |
| 80 | 24011000 | TOBACCO,NOT STEMMED/STRIPP |
| 81 | 69149000 | OTH CERAMIC ARTICLES O/TH |
| 82 | 70099100 | UNFRAMED GLASS MIRRORS |
| 83 | 70099200 | FRAMED GLASS MIRRORS |
| 84 | 14049049 | OTH VEGE MATE USED FOR BRO |
| 85 | 15162020 | VEGETABLE OILS & ITS FRACT |
| 86 | 16010000 | SAUSE,PROD MEAT-FOOD PREP |
| 87 | 32089090 | OTH PAINT BASED ON SYN.POL |
| 88 | 35069190 | OTH POLYMER BASE ADHESIVE |
| 89 | 38089110 | MOSQUITO COIL, MATE&THE LI |
| 90 | 38121000 | PREPARED RUBBER ACCELERATO |
| 91 | 39199090 | OTH SELF-ADHESIVE FILM,FOI |
| 92 | 40094190 | OTH HOSES MADE OF RUB+OTH- |
| 93 | 40111000 | NEW PNEUM TYRES FOR MOTOR |
| 94 | 44111200 | (MDF)THICKNESS NOT EXCEEDI |
| 95 | 48025600 | OTH PAPER&PAPERBOARD IN SH |
| 96 | 48026200 | OTH PAPER&PAPER BOARD IN S |
| 97 | 48030000 | TOILET FACIAC TISSUE/TOWEL |
| 98 | 48041100 | KRAFTINER UN COATED UN-BLE |
| 99 | 48042100 | SACK KRAFT PAPER,UNBLEACHE |
| 100 | 48101390 | OTH WRIT/READ GRAPHIC IN R |
| 101 | 48101990 | OTH WRITING PAPER/PAPERBOA |
| 102 | 48132000 | CIGRETTE PAPER IN ROLL WTH |
| 103 | 48139000 | OTH CIGARET PAPER,BOOKLET/ |
| 104 | 63080000 | SETS OF WOVEN FABRICS AND |
| 105 | 64059090 | FOOTWEAR OF OTHER MATERIAL |
| 106 | 68022100 | MARBLE,TRAVETINE & AIABAST |
| 107 | 68022300 | GRANITE |
| 108 | 68022900 | OTHER BUILDING STONE CUT/S |
| 109 | 68029100 | OTH MARBL TRAVERTIN&ALABAS |
| 110 | 68029300 | OTHER GRANITE |
| 111 | 68029900 | OTHER STONE |
| 112 | 70139900 | O-GLASSWARE INDOOR DECORAT |
| 113 | 96190020 | SCENT SPRAY SIMI TOILET SP |
| 114 | 96190030 | SCENT SPRAY SIMI TOILET SP |
Karachi, September 30, 2021 – The State Bank of Pakistan (SBP) has officially issued the exchange rates for customers on September 30, 2021.
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Section 216A of Income Tax Ordinance, 2001 describes the proceedings against authority and persons.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 216A of Income Tax Ordinance, 2001:
216A. Proceeding against authority and persons.- (1) Subject to section 227, the Board shall prescribe rules for initiating criminal proceedings against any authority mentioned in section 207 and officer of the Directorate General mentioned in Part II and Part III of Chapter XI including any person subordinate to the aforesaid authorities or officers of the Directorates General who wilfully and deliberately commits or omits an act which results in under benefit or advantage to the authority or the officer or official or to any other person.
(2) Where proceedings under sub-section (1) have been initiated against the authority or officer or official, the Board shall simultaneously intimate the relevant Government agency to initiate criminal proceedings against the person referred to in sub-section (1)
(3) The proceedings under this section shall be without prejudice to any other liability that the authority or officer or official or the person may incur under any other law for the time being in force.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)